This gazette notification announces the International Financial Services Centres Authority (Registration of Insurance Business) (Amendment) Regulations, 2024. These amendments modify the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021.
The amendments primarily focus on streamlining the registration process for insurance businesses by removing certain forms and clarifying the application procedure.
Key Changes
Removal of Forms: Forms A, B, C, and D from the First Schedule and Forms A and B from the Fourth Schedule of the 2021 Regulations have been omitted. This simplifies the application process.
Clarification of Form Submission: The amendment replaces the reference to specific forms in Regulation 7 with a more flexible provision, allowing the Authority to specify the required forms.
Addition of Proviso to Regulation 10: A new proviso has been added to Regulation 10, requiring applicants to choose a category as specified in clause (A) of sub-regulation (2) of Regulation 5 of the IRDAI (Re-insurance) Regulations, 2018, if they intend to participate in reinsurance business emanating from the Data Transfer Agreement (DTA). This clarifies the process for reinsurance business registration.
Effective Date: The amendments are effective from the date of publication in the Official Gazette (October 17, 2024).
Impact Analysis
Impact on Insurance Businesses
Action Item: Insurance businesses should review the amended regulations and update their registration procedures accordingly.
Impact on IFSCA
Action Item: IFSCA should ensure adequate communication of the amended regulations to stakeholders and provide necessary guidance on the updated procedures.
Impact on IRDAI
Action Item: IRDAI should ensure alignment of its processes with the amended IFSCA regulations concerning reinsurance business emanating from the DTA.
Key Entities Referenced
International Financial Services Centres Authority (IFSCA): The issuing authority of the notification. It is responsible for regulating financial services within International Financial Services Centres (IFSCs) in India.
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021: The regulations that are being amended by this notification.
Insurance Regulatory and Development Authority of India (IRDAI): Mentioned in the amendment concerning reinsurance business, indicating a connection and coordination between IFSCA and IRDAI regulations.
Insurance Regulatory and Development Authority of India (Re-insurance) Regulations, 2018: Regulations referenced in the amendment, specifically Regulation 5, sub-regulation (2), clause (A), which defines categories for reinsurance business.
Data Transfer Agreement (DTA): Referenced in relation to reinsurance business, suggesting a framework for data transfer relevant to this type of insurance.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-जी.जे.-अ.-21102024-258097
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CG-GJ-E-21102024-258097
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 824] नई ददल्ली, बृहस्ट्प जतिार, अक्त बू र 17, 2024/आजिन 25, 1946
No. 824] NEW DELHI, THURSDAY, OCTOBER 17, 2024/ASVINA 25, 1946
अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण
अजधसचू ना
गांधीनगर, 14 अक्टूबर 2024
अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण (बीमा व्यिसाय का रजिस्ट्रीकरण) (सिं ोधन) जिजनयम, 2024
फा. स.ं आईएफएससीए/िीएन/2024/010.— अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 की
धारा 12 और 13 के साथ धारा 28 की उप-धारा (1) द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, अंतरराष्ट्रीय जित्तीय सेिा
केंद्र प्राजधकरण अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बीमा व्यिसाय का रजिस्ट्रीकरण) जिजनयम, 2021 म ें संिोधन
करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथाात:् -
1. सजं िप्त िीर्का और प्रारंभ: -
(1) इन जिजनयमों को अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बीमा व्यिसाय का रजिस्ट्रीकरण) (संिोधन)
जिजनयम, 2024 कहा िाएगा;
(2) ये आजधकाररक रािपत्र में प्रकािन की तारीख से लागू होंगे।
2. जिजनयमन 4 के उप-जिजनयम (2) में ‘इन जिजनयमों की प्रथम अनुसूची में यथा जनर्दाष्ट तथा इस तरीके से’ िब्दों
का लोप कर ददया िाएगा।
6769 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3. जिजनयम 7 के उप-जिजनयम (1) म ें'आिेदक को इन जिजनयमों की चौथी अनुसूची म ें जनर्दाष्ट प्रासंजगक प्रपत्र' िब्दों
का लोप कर ददया िाएगा और इनके स्ट्थान पर "ऐसा प्रपत्र जिसे प्राजधकरण द्वारा जनर्दष्टा दकया िाएगा" िब्द
संजनजिष्ट दकए िाएंगे।
4. जिजनयम 10 के दसू रे परंतुक के रूप म ेंजनम्नजलजखत परंतुक को िाजमल दकया िाए -
"इसके अलािा, यह भी दक आिेदन करत े समय, आिेदक भारतीय बीमा जिजनयामक और जिकास प्राजधकरण
(पुनबीमा) जिजनयम, 2018 के जिजनयम 5 के उप-जिजनयम (2) के खडं (क) म ें जनर्दाष्ट श्रेणी का िह जिकल्प
चुनेगा, जिसके अधीन िह डीटीए से जनकलने िाल ेपुनबीमा व्यिसाय में भाग लेन े का इरादा रखता ह।ै "
5. इन जिजनयमों की पहली अनुसचू ी में प्रपत्र-क, प्रपत्र-ख़, प्रपत्र-ग और प्रपत्र-घ का लोप कर ददया िाएगा।
6. इन जिजनयमों की चौथी अनुसूची में प्रपत्र क और प्रपत्र ख़ का लोप कर ददया िाएगा।
के. रािारामन, अध्यि
[जिज्ञापन-III/4/असा./593/2024-25]
नोट: अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (बीमा व्यिसाय का रजिस्ट्रीकरण) जिजनयम, 2021 को भारत के रािपत्र
असाधारण म ें अजधसूचना संख्या आईएफएससीए/2021-22/िीएन/ आरईिी016 द्वारा 18 अक्टूबर, 2021 को
प्रकाजित दकया गया और इन जिजनयमों में पहला संिोधन भारत के रािपत्र असाधारण में अजधसूचना संख्या
आईएफएससीए/2021-22/िीएन / आरईिी 019 द्वारा 05 िनिरी 2022 को प्रकाजित दकया गया ।
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 14th October 2024
International Financial Services Centres Authority (Registration of Insurance Business)
(Amendment) Regulations, 2024
F. No. IFSCA/GN/2024/010.—In exercise of the powers conferred by sub-section (1) of Section 28
read with Section 12 and 13 of the International Financial Services Centres Authority Act, 2019, the
International Financial Services Centres Authority hereby makes the following Regulations to amend the
International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021
namely:-
1. Short title and commencement: -
(1) These Regulations may be called the International Financial Services Centres Authority
(Registration of Insurance Business) (Amendment) Regulations, 2024;
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In sub-regulation (2) of regulation 4 words ‘as specified at FIRST SCHEDULE of these Regulations
and in the manner’ shall be omitted.
3. In sub-regulation (1) of regulation 7 words ‘the relevant FORM as specified at FOURTH
SCHEDULE of these Regulations to the applicant’ shall be omitted and replaced with “such FORM
as may be specified by the Authority”[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
4. The following proviso may be inserted as the second proviso of regulation 10 –
"Provided further that at the time of making the application, the applicant shall opt for category as
specified in clause (A) of sub-regulation (2) of Regulation 5 of the Insurance Regulatory and
Development Authority of India (Re-insurance) Regulations, 2018, under which it intends to
participate in reinsurance business emanating from the DTA "
5. FORM-A, FORM-B, FORM-C and FORM-D in FIRST SCHEDULE of these regulations shall be
omitted.
6. FORM A and FORM B in FOURTH SCHEDULE of these regulations shall be omitted.
K. RAJARAMAN, Chairperson
[ADVT.-III/4/Exty./593/2024-25]
Note: The International Financial Services Centres Authority (Registration of Insurance Business)
Regulations, 2021 were published in the Gazette of India Extraordinary vide notification No.
IFSCA/2021-22/GN/REG016 on 18th October, 2021 and first amendment to these regulations
were published in the Gazette of India Extraordinary vide notification No. IFSCA/2021-
22/GN/REG019 on 05th January 2022.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.